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Identity Fraud: How Big Is It and What Can We Do?

Publisher IDC
Published Mar 23, 2022
Length 9 Pages
SKU # IDC17050642

Description

Identity Fraud: How Big Is It and What Can We Do?

This IDC Perspective discusses the fraudster techniques and how to overcome. Identity fraud can occur anytime during the customer life cycle, which starts at a customers' onboarding up through and including their account closure, hopefully many years in the future. Implementing a robust and secure identity program is key for financial institutions to mitigate financial risk and reputation risk. Identity programs also need to maintain compliance with all jurisdictions they operate in. Customers understand the desire to mitigate fraud; however, they do not want to experience excessive friction in the process. What is customers' best option for identity authentication? Multifactor authentication (MFA)? Biometrics? Fraudsters will explore every weakness and exploit where they can. According to Kevin Dolan, research director, Worldwide Fraud, Compliance, and Risk Analytics Strategies, "Identity fraud is one of the largest fraud categories today by volume of complaints and financial loss. Financial institutions should become comfortable with the fact that more and more business will be done online and positioning a cutting-edge identity solution at the center of your customer relationship is key."

Please Note: Extended description available upon request.

Table of Contents

9 Pages
Executive Snapshot
Situation Overview
How Big of a Problem Is Identity Fraud?
Customer Experience with Identity Verification Process
Customer Identity Inclusion
Using Biometrics
Drivers and Challenges of Biometric Data
A Counterpoint on Biometric Data
An Idea: Keeper of Identity Data
Challenges of Implementing Fraud Identity Solutions
Will Passwords Ever Go Away?
Conclusion
Advice for the Technology Buyer
Learn More
Related Research
Synopsis

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